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6 Pros and Cons to Getting a Second Mortgage

Posted onJune 28/2021By

If you find yourself in a financial emergency and need a loan fast, one option is to cash in on the equity you’ve built up in your home. You can do that by getting a second mortgage. What is a second mortgage? A second mortgage is one of various mortgage products available. It is one that uses your house as collateral. You’ll still make payments on the primary mortgage as well as the second mortgage. However, a second mortgage allows you to use the equity in your home to your advantage. Types of Second Mortgages There are different types of…

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6 Things You Need to Know About Getting Your First Mortgage

Posted onJune 21/2021By

If you are in the market for your first home, it is important to be prepared. Doing some research ahead of time will help you make the right decision when it comes to mortgages. Here are some things you should know before getting your first mortgage. 1. Know your credit score Your credit score gives lenders an idea of your financial health. But it is just as important that you know what your score is before you apply for a mortgage. In Canada, there are five categories of scores, including: poor, fair, good, very good and excellent. The higher your…

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5 Benefits to Refinancing Your Mortgage

Posted onJune 14/2021By

Homeowners may have a number of good reasons for wanting to refinance their home, such as gaining access to the equity or getting a lower interest rate. Depending on your personal goals, there are many benefits you can gain from refinancing your mortgage. What is mortgage refinancing? When you refinance your mortgage, you are paying off your current lender and taking out a new mortgage. There are a variety of mortgage options available, which means you can get new terms and conditions for your mortgage. 5 Benefits of Refinancing Your Mortgage Here are some of the biggest advantages of refinancing…

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Leaving the City to Buy a House: Pros and Cons

Posted onJune 07/2021By

Stay at home measures that have affected life in Canada over the past year have caused an uptick in the number of people opting to move out of the city for a bigger home. But is the move worth it? Here are the pros and cons of leaving the city to buy a house. Pros You may already have some ideas of why you would want to move from the city but here are some of the most common reasons people move: Lifestyle – the attraction of smaller centres for many, particularly families, is the idea of knowing your neighbours,…

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